June 21, 2004 – LAWFUEL – Allen & Overy advised the syndicate banks led by the joint global coordinators Dresdner Kleinwort Wasserstein and Morgan Stanley on the rights issue of Deutsche Lufthansa AG. The new 76,320,000 shares were offered for subscription to the existing shareholders at a price of e9.85 per share. The gross proceeds from the capital increase against contribution in cash amounts to approx. e750 million.
The team was led by Frankfurt-based partner Dr. Michael Schlitt (coordination) together with partners Dr. Oliver Seiler (Frankfurt) and Dr. Thomas Werlen (London, US law). They were assisted by Dr. Susanne Schäfer and Dr. Volker Balda (Frankfurt), and Dr. Dorothee Fischer-Appelt (London, US law group). Frankfurt-based partner Dr. Asmus Mihm advised on tax law aspects.
Dr. Bernd Singhof (Dresdner Kleinwort Wasserstein) and Dr. Christoph Wolf (Morgan Stanley) acted as in-house legal counsels of the joint global coordinators.
Michael Schlitt comments:
“We are delighted that we were given the opportunity to advise the syndicate banks in this prominent transaction. Our participation in the top three rights issues of the last twelve months in Germany, as legal advisor of the issuer (Munich Re) and equally as legal advisor of the syndicate banks (HVB, Lufthansa), demonstrates our experience in international equity capital markets transactions.”